BUMI co-founder Nat Rothschild said yesterday he had raised $270m (£169m) to fund his counter proposal to take over the London-listed miner.
Rothschild’s NR Investments has committed funds alongside other investors – understood to include Robert Friedland and Indonesian Hashim Djojohadikusumo – for a proposal to sever ties with Bumi Resources.
“The independent board members need to evaluate our proposal which currently appears to be the only workable solution,” the financier said.
Rothschild also called for Bumi chairman Samin Tan to stand down, saying a new board would “restore confidence”.
Earlier this month, Rothschild sent a letter to Bumi proposing an alternative to the Bakries’ $1.4bn plan to dismantle Bumi.
Last month, following an investigation into alleged financial irregularities at PT Bumi, the Bakrie family proposed selling its stake in London-listed Bumi and taking back the coal assets that it brought in.
Relations between the Bakries and Rothschild have deteriorated since they launched Bumi together in early 2011.